# Madhya Bharat Agro Products share price today (Madhya Bharat Agro Products Ltd, NSE: MBAPL)

> Madhya Bharat Agro Products share price today: ₹184.03 at the NSE close on 3 November 2026, up 126.2% in a year. Madhya Bharat Agro Products (NSE: MBAPL) is worth ₹8,450 crore, trades at a P/E of 54.5 and has closed between ₹78.94 and ₹184.03 over the past 52 weeks. > Madhya Bharat Agro Products Ltd's earnings have grown faster than its share price. Earnings per share grew +161.8% in a year while the price moved +126.2%. MBAPL · Fertilisers · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/madhya-bharat-agro-products-ltd

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## Key numbers

- Business trend: Mixed, from the last 12 quarters
- Price: ₹184.03 (+126.2% in a year)
- P/E: 54.5× (higher than 90% of the last 9.8 years)
- Revenue (Jun 2026): ₹416 Cr (+1.5% on a year ago)
- Profit (Jun 2026): ₹33.0 Cr (+17.9% on a year ago)
- Operating margin: 16.0% (+2.0 points on a year ago)
- ROCE: 19%, FY26
- ROIC: 13.3%, against a 12.0% cost of capital: +1.3 points

The main question: profits are rising, but only 50% of the last 3 years' profit came in as cash from operations. The gap between reported profit and actual cash is the thing to watch. ## What is the Madhya Bharat Agro Products share price today? Madhya Bharat Agro Products Ltd's share price was ₹184.03 at the close on 3 November 2026. It has been rising for 93 weeks. That is 39.8% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹79 and ₹184, and at that close it was at the high of that range. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 20 weeks in a row. Over the last 9.8 years the share price moved +7,117% while the NIFTY 500 moved +195%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Madhya Bharat Agro Products this quarter? 4 points in one quarter, revenue up on a year earlier for 7 quarters in a row and profit up on a year earlier for 7 quarters in a row. 1. Promoters cut their stake by 3.4 points in one quarter From 74.8% to 71.4% in the September 2026 quarter. 2. Revenue up on a year earlier for 7 quarters in a row In the June 2026 quarter revenue was ₹416 crore, +1.5% on a year earlier. Why: Revenue rose a little because the company charged more for its fertilizer from April. Next results: check whether imported fertilizer trading or the new Dhule plant drives revenue growth. From the earnings call on 28 Sep 2026. 3. Profit up on a year earlier for 7 quarters in a row In the June 2026 quarter profit was ₹33 crore, +17.9% on a year earlier. From the earnings call on 28 Sep 2026. ## What are Madhya Bharat Agro Products' latest quarterly results? For April to June 2026 (the quarter ended 30 June 2026), Madhya Bharat Agro Products reported revenue of ₹416 crore, up 1.5% from ₹410 crore a year earlier, and a profit of ₹33.0 crore, up 17.9% from ₹28.0 crore. ### Madhya Bharat Agro Products results: April to June 2026 against a year earlier

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹416 crore | ₹410 crore | +1.5% |
| Profit | ₹33.0 crore | ₹28.0 crore | +17.9% |
| Earnings per share | ₹0.75 | ₹0.64 | +17.2% |
| Operating margin | 16.0% | 14.0% | +2.0 points |

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). Madhya Bharat Agro Products' management discussed these results on a call held on 28 September 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.)

## What is the Madhya Bharat Agro Products share price history? Madhya Bharat Agro Products closed at ₹184.03 on 3 November 2026, up 126.2% from ₹81.37 a year earlier (31 October 2025) and up 1,988.9% over five years. Its highest weekly close since January 2017 was ₹184.03 on 3 November 2026. ### Madhya Bharat Agro Products share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹159.77 | +15.2% |
| 1 month ago · 1 Oct 2026 | ₹165.83 | +11.0% |
| 6 months ago · 30 Apr 2026 | ₹105.16 | +75.0% |
| 1 year ago · 31 Oct 2025 | ₹81.37 | +126.2% |
| 3 years ago · 3 Nov 2023 | ₹59.84 | +207.5% |
| 5 years ago · 4 Nov 2021 | ₹8.81 | +1,988.9% |
| Earliest weekly close in our records · 20 Jan 2017 | ₹2.55 | +7,116.9% |
| Highest weekly close since January 2017, also the 52-week high · 3 Nov 2026 | ₹184.03 | 0.0% |
| Lowest weekly close since January 2017 · 6 Jul 2018 | ₹2.07 | +8,790.3% |
| 52-week low (weekly close) · 16 Jan 2026 | ₹78.94 | +133.1% |

Weekly closing prices, adjusted for splits and bonuses so every price is on today’s share count. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (499 weekly closes from 20 January 2017 to 3 November 2026.)

## What is the latest news on Madhya Bharat Agro Products? 3 Nov 2026: Madhya Bharat Agro Products closed at ₹184.03, up 15.2% on the week and up 11.0% on the month. 28 Sep 2026: Madhya Bharat Agro Products held its results call for April to June 2026. Management guided: Dhule FY27 sales 60,000 MT NPK plus 70,000 MT SSP, translating to ₹400-500 crore turnover. ### Earlier

- 3 Jul 2026: Share split: face value cut from ₹10 to ₹2 a share (ex-date). - Results for April to June 2026: Revenue up 1.5% and profit up 17.9% on a year earlier. - 17 Jun 2026: ex-date for a dividend of ₹0.50 a share. ## What dividend does Madhya Bharat Agro Products pay? Madhya Bharat Agro Products paid ₹0.10 a share in regular dividends in the 12 months to 4 November 2026 (1 payment), a yield of 0.05% at the ₹184.03 close on 3 November 2026. The last was a dividend of ₹0.50 a share, ex-date 17 June 2026. ### Madhya Bharat Agro Products dividends since 1 April 2021

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 17 Jun 2026 | ₹0.50 | Dividend | same day |
| 26 Aug 2025 | ₹0.50 | Dividend | same day |
| 13 Sep 2024 | ₹0.50 | Dividend | same day |
| 18 Sep 2023 | ₹0.50 | Dividend | 19 Sep 2023 |
| 16 Sep 2022 | ₹0.50 | Dividend | 19 Sep 2022 |
| 17 Sep 2021 | ₹0.50 | Dividend | 20 Sep 2021 |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 1 of the last 12 months' payments came before a split or bonus; the 12-month total above is on today’s share count. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

Yes. Madhya Bharat Agro Products Ltd paid out 3% of its profit as dividends in FY26, and it paid a dividend in 10 of its last 13 reported years. (From the NSE corporate-actions record, read 4 November 2026.)

## What did Madhya Bharat Agro Products management say on the latest results call? On the call for April to June 2026, held on 28 September 2026, Madhya Bharat Agro Products' management guided: Dhule FY27 sales 60,000 MT NPK plus 70,000 MT SSP, translating to ₹400-500 crore turnover. > “I can assure you that whatever per ton EBITDA we have been earning in first quarter, by the end of financial year 27 per ton EBITDA will be maintained. Though in percentage terms, because of the increase in denominator of sales price, the percentage EBITDA may go down.”
> Pukhraj Kanther, on the call for April to June 2026

### What management guided

- Dhule commercial production planned for October after a 15-20-day delay caused by pending regulatory approvals. - Dhule utilization planned at 40-50% initially and 80-85% in FY28-29. - FY27-end per-ton operating profit maintained at the first-quarter level. - Existing DAP/NPK utilization to reach up to 90% by year-end after April-May ammonia constraints. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijoristack.ai/concall/transcript/5881-28-Sep-2026.pdf). (From the call for April to June 2026, 28 September 2026.)

## What to watch in Madhya Bharat Agro Products' next results? When Madhya Bharat Agro Products reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: Dhule ammonia and sulfur approvals - check commercial commissioning and first sales at the next call. - What to check (from the call)
- Dhule ammonia and sulfur approvals - check commercial commissioning and first sales at the next call. - Rabi NBS notification - check whether sulfur inflation and high-cost inventory are reflected in operating profit per tonne. - Existing DAP/NPK utilization recovery - check whether April-May ammonia constraints have been reversed by year-end. - Revenue mix - check whether imported NPK/MOP trading or Dhule volumes drive next-quarter revenue growth. ## Which stock lists is Madhya Bharat Agro Products on? Madhya Bharat Agro Products is on 2 of our India lists: Momentum stocks and 52 week high & low. - [Momentum stocks Market cap cr: 8527.132347128903](https://www.sectoralpha.in/momentum-stocks-india)
- [52 week high & low 52-week position: At 52-week high](https://www.sectoralpha.in/52-week-high-stocks-india)

## Is Madhya Bharat Agro Products profitable? Madhya Bharat Agro Products Ltd earned ₹33.0 Cr of net profit in the Jun 2026 quarter, +17.9% on the same quarter a year earlier. That is the 7th quarter in a row of profit growth. Full-year FY26 profit was ₹150 Cr. Over 10 years profit has grown 32.5% a year on average. That is 7.9% of the quarter's revenue. The same quarter a year earlier earned ₹28.0 Cr. For the full year, FY26 profit was ₹150 Cr (+163.2% on the year before). Why profit moved: revenue changed +1.5% on a year earlier and the margin moved +2.0 percentage points. Most of the change came from keeping more of each sale. On average over the last four quarters, profit changed +134.7% and revenue +53.0%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit. ## How much revenue does Madhya Bharat Agro Products make, and is it growing? Madhya Bharat Agro Products Ltd reported ₹416 Cr of revenue in the Jun 2026 quarter, +1.5% on the same quarter a year earlier. That is the 7th quarter in a row with growth on the year before. Over 10 years it has grown 39.9% a year on average. The last full year, FY26, came in at ₹1,866 Cr. The last four reported quarters add to ₹1,873 Cr. FY26 revenue was ₹1,866 Cr, +76.4% on the year before. Recent pace: the last four quarters grew +53.0% on average, against 39.9% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +47.6%, against +46.9% a year over the last 8 quarters (stabilising); profit over the last 12 months grew +109.5%, against +135.3% a year (rolling over). ## How much of every ₹100 of sales does Madhya Bharat Agro Products keep? Madhya Bharat Agro Products Ltd's operating margin was 16.0% in the Jun 2026 quarter, 2.0 percentage points higher than the same quarter a year ago. Across 13 years it has been between 10.0% and 28.0%. The latest quarter is within that range. Why the margin moved: operating margin changed +1.9 percentage points on the year while gross margin changed +5.2 points. So the gain came mostly from the gross margin, which means input costs and prices charged. ## Is Madhya Bharat Agro Products' profit turning into cash? Over the last 3 years, 50% of Madhya Bharat Agro Products Ltd's reported profit came in as cash from its operations, a gap worth watching. In FY26 its operations used ₹127 Cr of cash, against ₹150 Cr of profit. After ₹397 Cr of spending on assets, free cash was −₹524 Cr: it spent more than its operations brought in. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 50% of profit came in as cash: the cash cycle got 37 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner. When less than 70% of profit comes in as cash, it is the thing to watch on this page. What to look at next: the bigger use of cash is spending on new assets, at 6.1× depreciation over three years. The next section checks what that spending is building. ## Where does Madhya Bharat Agro Products' cash go? Madhya Bharat Agro Products Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 144 days in FY26, down from 181 days in FY21. It spent ₹610 Cr on assets over the last 3 years. Customers take 83 days to pay, and stock sits for 96 days on average. At FY26 sales of ₹1,866 Cr, each day of that cycle ties up about ₹5.1 Cr, so roughly ₹736 Cr is tied up in the business at any time. FY26: customers took 83 days to pay and stock sat for 96 days, about 3.2 months of sales sitting as stock, for a full cycle of 144 days, shorter than FY21's 181. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 96 days. Customers pay about 83 days after that. Suppliers are paid at 36 days. Together that makes the 144-day cycle. Spending on assets: ₹610 Cr over the last 3 years, against ₹100 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹277 Cr (FY26): assets paid for that are not earning yet. In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns. ## What is Madhya Bharat Agro Products' P/E ratio, and how does it compare with its own history? Madhya Bharat Agro Products Ltd's P/E is 54.5×, near the high end of its own history: higher than 90% of past readings. Its usual P/E (the middle reading) is 21.4×, over 9.8 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Jun 2026 add up to ₹3.53. Why the multiple is where it is: over the past year earnings per share moved +161.8% while the price moved +126.2%. Earnings did better than the price, which pulled the multiple down within its own range. Where the price move came from: over 5 years the price moved +83.6% a year; about +45.9% a year came from earnings growth and about +37.7 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is high against its own past, so the earnings trend underneath matters more than the multiple. ## Is the Madhya Bharat Agro Products business getting better or worse? Madhya Bharat Agro Products Ltd's business is giving mixed signals. Growth is slowing from a very fast pace: revenue growth has eased from +76.3% at its peak to +47.6%, but the business is still expanding, with ROCE rising at 33.9%. This is based on 12 quarters of 4 measures. Why it matters: when the lines disagree, each line above matters more than any single label. ## How much does Madhya Bharat Agro Products earn on its capital? Madhya Bharat Agro Products Ltd earned a ROCE of 19% in FY26. That is up from a low of 9% in FY16. Its return on capital used (ROIC) is 1.3 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 8.0% net margin and 1.11× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 8.0% net margin × 1.11× asset turnover × 3.06× leverage (assets divided by equity) ≈ 27.2% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 13.3% − 12.0% = +1.3 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Positive but thin: it creates value with little room for error. The 13.3% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 16.3%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Madhya Bharat Agro Products have too much debt? Madhya Bharat Agro Products Ltd has total debt of ₹861 Cr against shareholder equity of ₹550 Cr as of Jun 2026, so its debt is 1.57× its equity. Year by year, that ratio went from 0.80 in FY22 to 1.57 in FY26. Keep that borrowing in mind when reading the returns on this page. ## What is the Madhya Bharat Agro Products shareholding pattern? Promoters cut their stake in Madhya Bharat Agro Products Ltd by 3.1 percentage points over 8 quarters, the biggest change among its owners. Promoters now own 71.4% of the company. Foreign institutions moved +0.9 points over the same period, to 0.9%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Promoters: −3.1 points over 8 quarters, to 71.4%; Foreign institutions: +0.9 points over 8 quarters, to 0.9%; Domestic institutions: +0.2 points over 8 quarters, to 0.2%. Why the owners changed: promoters drove it (−3.1 points), with the other side taken by foreign institutions (+0.9 points). They reduced their stake. ## How far is Madhya Bharat Agro Products from balance-sheet trouble? For Madhya Bharat Agro Products Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Madhya Bharat Agro Products rank in its industry? 66.5 out of 100, rank 3 of 15 in Fertilisers, with 96% of the evidence available. Madhya Bharat Agro Products Ltd scores 66.5 out of 100 against the 15 companies it is compared with in Fertilisers, ranking 3. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 25.1 + 16.2 + 7.3 + 17.9 = 66.5. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Madhya Bharat Agro Products compared with? Madhya Bharat Agro Products ranks 3 of 15 Fertilisers companies on the 4-Factor Sector Score, with 66.5 out of 100. 1. [Krishana Phoschem Ltd](https://www.sectoralpha.in/stocks/krishana-phoschem-ltd) KRISHANA · leader · Most evidence points up · 96% evidence 77.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.5/35 · Revenue 73.3% · Profit 92.2% · Operating margin change 0 points · 88% evidence Capital efficiency 19.6/25 · ROCE 27.2% · Operating margin 17% · 100% evidence Valuation 10.1/20 · P/E 35.9× · PEG 0.58 · 100% evidence Relative strength 20.0/20 · Lead over its industry 83.9% · Lead over NIFTY 500 75.7% · 1 year 126.2% · 100% evidence · 12 of 12 weeks ahead Exact sum: 27.5 + 19.6 + 10.1 + 20 = 77.2 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [Gujarat Narmada Valley Fertilizers & Chemicals Ltd](https://www.sectoralpha.in/stocks/gujarat-narmada-valley-fertilizers-chemicals-ltd) GNFC · leader · Most evidence points up · 96% evidence 73.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.8/35 · Revenue 12.6% · Profit 84.5% · Operating margin change 16.1 points · 88% evidence Capital efficiency 14.6/25 · ROCE 12% · Operating margin 18% · 100% evidence Valuation 15.6/20 · P/E 7.2× · PEG 0.27 · 100% evidence Relative strength 17.6/20 · Lead over its industry 9.8% · Lead over NIFTY 500 5.1% · 1 year 0.3% · 100% evidence · 12 of 12 weeks ahead Exact sum: 25.8 + 14.6 + 15.6 + 17.6 = 73.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. Madhya Bharat Agro Products Ltd this page MBAPL · leader · Most evidence points up · 96% evidence 66.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.1/35 · Revenue 47.6% · Profit 100% · Operating margin change 2 points · 88% evidence Capital efficiency 16.2/25 · ROCE 19.3% · Operating margin 16% · 100% evidence Valuation 7.3/20 · P/E 52.4× · PEG 0.8 · 100% evidence Relative strength 17.9/20 · Lead over its industry 66.5% · Lead over NIFTY 500 59.2% · 1 year 117.7% · 100% evidence · 12 of 12 weeks ahead Exact sum: 25.1 + 16.2 + 7.3 + 17.9 = 66.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [Chambal Fertilisers & Chemicals Ltd](https://www.sectoralpha.in/stocks/chambal-fertilisers-chemicals-ltd) CHAMBLFERT · quiet · Evidence leans up · 96% evidence 60.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.3/35 · Revenue 15.6% · Profit 10.2% · Operating margin change 3 points · 88% evidence Capital efficiency 20.0/25 · ROCE 25.2% · Operating margin 16% · 100% evidence Valuation 16.6/20 · P/E 7.3× · PEG 0.52 · 100% evidence Relative strength 5.1/20 · Lead over its industry -12.1% · Lead over NIFTY 500 -15.6% · 1 year -26.4% · 100% evidence · 0 of 12 weeks ahead Exact sum: 18.3 + 20 + 16.6 + 5.1 = 60 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [Khaitan Chemicals & Fertilizers Ltd](https://www.sectoralpha.in/stocks/khaitan-chemicals-fertilizers-ltd) KHAICHEM · Too little evidence to rank firmly · 59% evidence 58.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.2/43.75 · Revenue 19.9% · Profit 32.5% · Operating margin change -3 points · 88% evidence Capital efficiency 18.3/31.25 · ROCE 18.5% · Operating margin 11% · 100% evidence Valuation 12.7/25 · P/E 8.3× · PEG n/a · 15% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 27.2 + 18.3 + 12.7 = 58.2 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 6. [Zuari Agro Chemicals Ltd](https://www.sectoralpha.in/stocks/zuari-agro-chemicals-ltd) ZUARI · quiet · Evidence leans up · 96% evidence 53.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.0/35 · Revenue -44% · Profit 100% · Operating margin change -1 points · 88% evidence Capital efficiency 10.5/25 · ROCE 16.4% · Operating margin 10% · 100% evidence Valuation 19.9/20 · P/E 2.5× · PEG 0.08 · 100% evidence Relative strength 1.6/20 · Lead over its industry -15.2% · Lead over NIFTY 500 -18.7% · 1 year -27.9% · 100% evidence · 0 of 12 weeks ahead Exact sum: 21 + 10.5 + 19.9 + 1.6 = 53 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Rashtriya Chemicals & Fertilizers Ltd](https://www.sectoralpha.in/stocks/rashtriya-chemicals-fertilizers-ltd) RCF · quiet · Evidence leans up · 81% evidence 50.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.4/35 · Revenue 17.5% · Profit 56.8% · Operating margin change 1.3 points · 88% evidence Capital efficiency 7.3/25 · ROCE 10.4% · Operating margin 6% · 100% evidence Valuation 11.4/20 · P/E 12.4× · PEG 0.9 · 100% evidence Relative strength 7.5/20 · Lead over its industry n/a · Lead over NIFTY 500 -22.2% · 1 year -37.3% · 25% evidence · 0 of 12 weeks ahead Exact sum: 24.4 + 7.3 + 11.4 + 7.5 = 50.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [Gujarat State Fertilizers & Chemicals Ltd](https://www.sectoralpha.in/stocks/gujarat-state-fertilizers-chemicals-ltd) GSFC · quiet · Evidence leans down · 81% evidence 47.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.0/35 · Revenue 29.2% · Profit 7.8% · Operating margin change -3 points · 88% evidence Capital efficiency 4.7/25 · ROCE 7.2% · Operating margin 6% · 100% evidence Valuation 16.0/20 · P/E 7.7× · PEG 0.3 · 100% evidence Relative strength 9.0/20 · Lead over its industry n/a · Lead over NIFTY 500 -15.2% · 1 year -30.1% · 25% evidence · 0 of 12 weeks ahead Exact sum: 18 + 4.7 + 16 + 9 = 47.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 9. [Southern Petrochemicals Industries Corporation Ltd](https://www.sectoralpha.in/stocks/southern-petrochemicals-industries-corporation-ltd) SPIC · quiet · Evidence leans down · 89% evidence 46.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 10.8/35 · Revenue -2.9% · Profit 28.3% · Operating margin change -5 points · 88% evidence Capital efficiency 14.3/25 · ROCE 16.8% · Operating margin 7% · 100% evidence Valuation 14.8/20 · P/E 5.5× · PEG 0.45 · 65% evidence Relative strength 6.6/20 · Lead over its industry -13.2% · Lead over NIFTY 500 -16.8% · 1 year -38.7% · 100% evidence · 0 of 12 weeks ahead Exact sum: 10.8 + 14.3 + 14.8 + 6.6 = 46.5 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 10. [Deepak Fertilisers & Petrochemicals Corp Ltd](https://www.sectoralpha.in/stocks/deepak-fertilisers-petrochemicals-corp-ltd) DEEPAKFERT · quiet · Evidence leans down · 96% evidence 45.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.8/35 · Revenue 13.6% · Profit -0.5% · Operating margin change 7 points · 88% evidence Capital efficiency 12.8/25 · ROCE 11.4% · Operating margin 26% · 100% evidence Valuation 11.1/20 · P/E 14.1× · PEG 0.57 · 100% evidence Relative strength 5.9/20 · Lead over its industry -6.4% · Lead over NIFTY 500 -10.6% · 1 year -26.2% · 100% evidence · 1 of 12 weeks ahead Exact sum: 15.8 + 12.8 + 11.1 + 5.9 = 45.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 11. [National Fertilizer Ltd](https://www.sectoralpha.in/stocks/national-fertilizer-ltd) NFL · quiet · Evidence leans down · 81% evidence 45.2 out of 100 Growth Capital Valuation Relative
12. [Paradeep Phosphates Ltd](https://www.sectoralpha.in/stocks/paradeep-phosphates-ltd) PARADEEP · quiet · Evidence leans down · 67% evidence 44.5 out of 100 Growth Capital Valuation Relative
13. [Madras Fertilizers Ltd](https://www.sectoralpha.in/stocks/madras-fertilizers-ltd) MADRASFERT · quiet · Evidence leans down · 74% evidence 43.3 out of 100 Growth Capital Valuation Relative
14. [Coromandel International Ltd](https://www.sectoralpha.in/stocks/coromandel-international-ltd) COROMANDEL · quiet · Evidence leans down · 81% evidence 41.5 out of 100 Growth Capital Valuation Relative
15. [Fertilizers & Chemicals Travancore Ltd](https://www.sectoralpha.in/stocks/fertilizers-chemicals-travancore-ltd) FACT · quiet · Most evidence points down · 76% evidence 25.9 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Fertilisers](https://www.sectoralpha.in/sectors/fertilisers), all 15 compared on one page. ## Which companies are close to Madhya Bharat Agro Products in size? Madhya Bharat Agro Products is the 6th largest of 15 Fertilisers companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Chambal Fertilisers & Chemicals, Deepak Fertilisers & Petrochemicals Corp and Paradeep Phosphates. Just below it: Gujarat Narmada Valley Fertilizers & Chemicals, Krishana Phoschem and Gujarat State Fertilizers & Chemicals. ### Fertilisers companies close in size

1. [Chambal Fertilisers & Chemicals Ltd](https://www.sectoralpha.in/stocks/chambal-fertilisers-chemicals-ltd) ₹14,179 crore
2. [Deepak Fertilisers & Petrochemicals Corp Ltd](https://www.sectoralpha.in/stocks/deepak-fertilisers-petrochemicals-corp-ltd) ₹13,889 crore
3. [Paradeep Phosphates Ltd](https://www.sectoralpha.in/stocks/paradeep-phosphates-ltd) ₹13,407 crore
4. Madhya Bharat Agro Products Ltd ₹8,127 crore
5. [Gujarat Narmada Valley Fertilizers & Chemicals Ltd](https://www.sectoralpha.in/stocks/gujarat-narmada-valley-fertilizers-chemicals-ltd) ₹7,415 crore
6. [Krishana Phoschem Ltd](https://www.sectoralpha.in/stocks/krishana-phoschem-ltd) ₹7,065 crore
7. [Gujarat State Fertilizers & Chemicals Ltd](https://www.sectoralpha.in/stocks/gujarat-state-fertilizers-chemicals-ltd) ₹5,311 crore

[All 15 Fertilisers companies, largest first](https://www.sectoralpha.in/sectors/fertilisers#all-companies)

### Companies close in size in other industries

1. [Banco Products (India) Ltd](https://www.sectoralpha.in/stocks/banco-products-indialtd) ₹8,206 crore · Auto Ancillaries - Engine Parts
2. [Alkyl Amines Chemicals Ltd](https://www.sectoralpha.in/stocks/alkyl-amines-chemicals-ltd) ₹8,132 crore · Speciality Chemicals
3. Madhya Bharat Agro Products Ltd ₹8,127 crore
4. [Kennametal India Ltd](https://www.sectoralpha.in/stocks/kennametal-india-ltd) ₹8,105 crore · Castings, Forgings & Fastners
5. [Esab India Ltd](https://www.sectoralpha.in/stocks/esab-india-ltd) ₹8,094 crore · Welding Equipments

## What else do people ask about Madhya Bharat Agro Products? ### What is Madhya Bharat Agro Products's share price today? Madhya Bharat Agro Products Ltd's share price is ₹184.03, +126.2% over the past year. The whole company is worth ₹8,450 Cr on the market. It is at its highest price of the past 52 weeks (range ₹79 to ₹184), 39.8% above its 200-day average. The price has been rising for 93 weeks (as of 3 November 2026). ### What were Madhya Bharat Agro Products's latest quarterly results? Madhya Bharat Agro Products Ltd reported revenue of ₹416 Cr and net profit of ₹33.0 Cr for the Jun 2026 quarter. Revenue rose 1.5% and profit rose 17.9% compared with a year earlier. Earnings per share were ₹0.75 (as of 3 November 2026). ### What is Madhya Bharat Agro Products's market cap? Madhya Bharat Agro Products Ltd's market capitalisation is ₹8,450 Cr at a share price of ₹184.03. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Madhya Bharat Agro Products performing? Madhya Bharat Agro Products Ltd's share price has been rising for 93 weeks. In its latest quarter, revenue rose 1.5% and profit rose 17.9% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 20 weeks running (as of 3 November 2026). ### Will Madhya Bharat Agro Products's share price go up? This page does not forecast Madhya Bharat Agro Products Ltd's share price. What it shows instead: the share price is ₹184.03, and it has been rising for 93 weeks. Its P/E of 54.5× is higher than 90% of its own last 10 years (as of 3 November 2026). ### Who owns Madhya Bharat Agro Products? Promoters own 71.4% of Madhya Bharat Agro Products Ltd, foreign institutions 0.9%, domestic institutions 0.2% and the public 27.5% (latest quarter). The biggest change over the last two years: Promoters cut their stake by 3.1 percentage points over 8 quarters (as of 3 November 2026). ### Does Madhya Bharat Agro Products have too much debt? Yes, Madhya Bharat Agro Products Ltd has a lot of debt: its debt is 1.56× its equity, and its operating profit is 7 times its interest bill. FY26 borrowings were ₹856 Cr against equity of ₹550 Cr. Keep that borrowing in mind when reading the returns on this page (as of 3 November 2026). ### Where is Madhya Bharat Agro Products in its business cycle? Madhya Bharat Agro Products Ltd's FY26 operating margin was 12.0%, against a 13-year range of 10.0% to 28.0%: the low end of its own range, which is often where recoveries start. The latest quarter was 16.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Madhya Bharat Agro Products story? The main question: profits are rising, but only 50% of the last 3 years' profit came in as cash from operations. The gap between reported profit and actual cash is the thing to watch. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Madhya Bharat Agro Products a stock worth studying right now? What the numbers show: Madhya Bharat Agro Products Ltd's earnings have grown faster than its share price. Earnings per share grew +161.8% in a year while the price moved +126.2%. The main open question: whether the cash starts to follow the profit. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Madhya Bharat Agro Products share price forecast for 2026? What management itself guided: Dhule FY27 sales 60,000 MT NPK plus 70,000 MT SSP, translating to ₹400-500 crore turnover. ## Lists

- Momentum stocks: https://www.sectoralpha.in/momentum-stocks-india
- 52 week high & low: https://www.sectoralpha.in/52-week-high-stocks-india

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